Chase Debit Card: Cash and Spending Limits Imposed

JPMorgan Chase will impose daily cash and spending limits on about 2 million debit cards due to possible fraud and data theft that occurred when customers used the cards recently at Target stores.

According to a customer service notice on the Chase website, "Target reported that it experienced a data breach on debit and credit cards that its customers used to make purchases in their stores from November 27th through December 15th."

For many customers, the limits couldn't come at a worse time: the peak of the holiday season when many are making last minute gift purchases.

Chase informed customers that they could expect to hear from the company directly if their card was at risk. Citing its Zero Liability Protection plan, the company assured card holders: "First and most important, if your card is at risk, don’t worry ... you're not liable for unauthorized transactions you report to us."

Customers whose cards are at risk due to the Target breach will see temporary limits on cash and purchases until their cards can be replaced. The cash withdrawal limit is $100 per day and the purchase limit is $300 per day.

If a customer needs to withdraw more than $100 cash, they're instructed to "visit a branch. Employees at our 5,600 branches are standing by to help you if you need more cash than $100. With proper identification, you can access your available funds."

Taking customer service one step further, Chase announced that many branches will stay open on Sunday, December 22nd to help customers.

Target issued a statement on its website on Thursday regarding the security breach:

“We take this matter very seriously and are working with law enforcement to bring those responsible to justice,” said the company's chairman, president, and CEO Gregg Steinhafel.